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Thread: 100% responsibility

  1. #1
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    100% responsibility

    Hi there! If I was asked, what is «number 1» quality, that trader needs to develop, I would answer – ability to be responsible for your actions.

    What does it mean?

    Responsibility is often wrongly considered as ability to blame yourself. Blaming yourself may be more important than blaming others, but in my opinion it’s not a reliable indication of responsibility. It can be a «blame game» - «oh, why have I done it? What a fool I was» e t.c.
    In this «blame game» we tend to feel sorry for our actions but in many cases, it doesn’t help to improve our future performance.

    So, what is the definition of responsibility?

    I like definition that was made by my mentor in field of trading psychology, dr. Andrew Menaker – «Responsibility can be split into two words – response and ability». In other words, it’s ability to choose our response.
    It looks very easy, but it’s absolutely not easy in application to real life, and especially trading. Do you think about your future as a trader when you send a market order with extremely large size? I don’t think so, you are so absorbed by the price action that your response is driven by your emotions.

    I think that it should be #1 in the list of desired internal characteristics – ability to choose your responses. How to do that?

    Stop blaiming «them»

    I have seen too much times traders blaming «them» for their trading losses. Some call «them» market makers, some call them «smart money», big market manipulators e.t.c. Of course, you should make some studies about possible activities of institutional demand and supply, but they are not responsible for your possible losses. That’s the way they make money – and it can include stop-running, yes. They have to execute orders of large institutional players, it’s a business.

    Stop negative focusing

    I’ve been writing about it several times, for example in article «Negativity bias», our brain very easily concentrates on negative outcomes, so we should balance this feature. You may blame dinosaurs, our ancestors for this feature that were helpful in their life (freeze, escape, fight), our brain has evolved this way – we tend to focus on possible harm much easier than noticing good. Read my article «Appreciating the good»

    Work on self awareness

    To take 100% responsibility for our actions, we should be aware of unconscious forces that can grab our attention. It may be unconscious traumatic experiences, or hidden emotional triggers or both.
    Read this article to improve your self-awareness

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  2. #111
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    Quote Originally Posted by saiful8780 View Post
    any trader must be responsible of his own mistakes. we all responsible for our account and our decision to enter in the market and we consider it as advantage of trading. This very perfect that we able to response with 100% ability then we can able to see success in our life.
    Yes, one is always responsible for their own mistakes and thus it is on the traders sole discretion that they should be ready to accept the faults and be able to overcome the same over time. Hence, the traders should make certain attempts in order to improve their trading process for making some good gains in the forex market. Being responsible is to learn to combat the problems thus faced by the traders.

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  3. #112
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    its very important to analyse yourself first before blaming anyone.For all the losses you suffer , you will be only responsibility for that.,You have to keep on analysing your mistake and has to try every time to not to repeat the same mistake again in the future trading that will help you to become a good trader

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  4. #113
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    there may be great idea as part of your place. just about any investor must be responsible regarding her own faults. indeed i, my partner and i tend not to responsibility industry or even the particular stockbrokers, because while i business nicely my partner and i help to make profits along with inside some other part while i help to make oversight or even my partner and i grow to be money grabbing my partner and i lose the income. we should possibly be reasonable when you want to responsibility any individual or even something.

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  5. #114
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    to work with th good discipline to follows the rules by the presettled terms by the trading plan. and to keep with the manage to commit the good customs with the system evaluation by the continous timeline. and to enjoy while spending the proper risks to request the good number to complete with the target to stay with the better stands to avoid the higher chance of not to losing games by the business of finance.

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  6. #115
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    [lang=ar]Most of the people in trading take excuse for their loss by accusing the broker, bad time and so on. Whaatever we do it is our own responsibility and hence for profit and loss we only are responsible and we cannot blame some one else.Also to be noted is the fact that, when we blame others for our failure, it is an indication that we are not ready for improvement and what all we are doing just passing on the bucks. The self awareness is the best practice to overcome this habit. Though it take time to achieve it, worth trying it.[/lang]

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  7. #116
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    [lang=ar]Rolling can work through to have a personal trading through to be disciplined and important that he has the responsibility well and knows how to work without any fear and be confident of its decisions in trading and runs through capital management Mawan not rush in trading[/lang]

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  8. #117
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    Is to be rolling on the amount of trading liarits and learns well and I think that is important that we know well and we know we deal with the forex market largely because the forex needs to complete education and experience will not be successful in the forex market without

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  9. #118
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    Important to learn and take advantage of mistakes and it does not self-Bloom on the loss because it can increase the loss and I think that is important to learn and work a lot in order to avoid the mistakes that led to the loss on an ongoing basis in order to achieve significant gains

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  10. #119
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    Its our responsibility to focus good on our mistakes in this business we should learn from our mistakes and should grow our knowledge and experience and a very good discipline is also very necessary to follow in forex a good discipline always helpful to avoid huge loss in forex and we able to make a very good consistent profit in forex if we are doing mistakes in forex it mean is not that we are a looser in forex the main thing is we should learn from our mistakes it will help us to reduce our mistakes in near future

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  11. #120
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    Really a very good topic about our responsibility in forex I can't blame anybody if I am loosing money in forex its depend upon us how we learn and observe everything in forex a very good concentration on learning and good hard work can give us a very nice result in our real trading. So I think learning is a perfect key role in forex which can give us success in forex

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